Egypt’s Orascom Investment Holding’s loss shrinks 81% in 9M

SectorReal Estate

Cairo – Mubasher: Orascom Investment Holding (OIH) incurred consolidated net losses of EGP 17.89 million in the first nine months of 2020, down by 80.6% year-on-year (YoY) from EGP 92.4 million, including minority shareholders’ rights.The company’s revenues fell to EGP 729.28 million in the January-September period from EGP 788.65 million in the corresponding period a year earlier, according to a bourse disclosure on Sunday.As for the third quarter (Q3) of 2020, OIH turned to net losses of EGP 19.6 million, versus net profits of EGP 61.15 million in Q3-19.In addition, the standalone financial statements for the first nine months of the year showed net profits of EGP 47 million, against net losses of EGP 295.19 million in the year-ago period.During the first half (H1) of 2020, Orascom Investment Holding achieved net profits of EGP 1.714 million, compared to net losses of EGP 153.46 million in H1-19, including minority shareholders’ rights.Source: MubasherAll Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. ( more...